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Barclays challenges restrictions on loan insurance sales

The banking giant is to challenge the Competition Commission’s findings into the sale of payment protection insurance

David Budworth

April 3 2009, 6:10pm, The Times

Barclays has launched an appeal against the Competition Commission’s findings following its two-year investigation into the sale of payment protection insurance (PPI).

The banking giant, which lodged its appeal with the Competition Appeal Tribunal (CAT) yesterday, is to challenge proposals by the commission to curb the sale of the insurance, which covers debt repayments if a borrower cannot work because of accident, sickness or unemployment.

In a damning report, published in January, the commission ordered a ban on the sale of PPI alongside credit cards and loans. In what was widely seen as a victory for consumers, it said that from 2010 banks and retailers making a loan or credit offer must wait a week before they can sell PPI to the borrower.

Barclays has…

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